Modi holds meeting with senior ministers on demonetisation

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Prime
Minister Narendra Modi held a meeting with senior ministers past midnight on
Sunday to review demonetisation and its impact.

The meeting
at Prime Minister’s residence was attended by Home Minister Rajnath Singh,
Finance Minister Arun Jaitley, I&B Minister Venkaiah Naidu, Power, Coal and
Mines Minister Piyush Goyal and top officials of the Finance ministry.

The meeting
came amid continuing chaos and growing public anger across the country over
limited cash availability following the surprise demonetisation of two higher
value currency notes by Modi.

There was
little respite for cash-starved people queueing up outside banks and ATMs
on Saturday, with branches witnessing unprecedented rush since early morning and
leading to arguments and scuffles.

Earlier in
the evening, after a review by Finance ministry, the limit of old and now
defunct Rs.500 and Rs.1000 rupee notes that can be exchanged for freshly minted
Rs.2000 and new Rs.500 notes was increased from Rs.4000 to Rs.4500 per day.

Cash
withdrawal limit at ATMs was hiked to Rs.2,500 from Rs.2,000 a day.
The weekly
limit of Rs.20,000 for withdrawal from bank counters has been increased to Rs.24,000. The maximum limit of Rs.10,000 per day on such withdrawals has been
removed, the ministry said in a statement.

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